S&P 500 Intraday Bias, 11/07/11

At 10:00 AM, Neutral, suggesting consolidation.

*Correction at 10:06 AM -- the bias is Negative, suggesting sell the rallies intraday.

Distribution - First Leg - Recovery - Second Leg

The image above compares the earlier stages of the 2007-2009 bear market with the present. The 200 day MA is plotted on both charts. Based on the analog, one can expect prices to continue forming a top around the 200 day moving average before the next leg down.

S&P 500 Intraday Bias, 11/4/11

At 10:00 AM, Positive, suggesting buy the dips intraday.

S&P 500 Intraday Bias, 11/3/11

At at 10:22 AM, Negative, suggesting sell the rallies intraday.

S&P 500 Intraday Bias, 11/2/11

At 10:10 AM positive, suggesting buy the dips intraday. However, a gap up during a downtrend is usually faded, and today is the FOMC announcement, so I would disregard today's bias.

S&P 500 Intraday Bias, 11/1/11

At 10:08 AM, negative, suggesting sell the rallies intraday.